New for 2013 Tax Rules are:
CHARITY DONOR’S SUPER CREDIT
If you haven’t made a charitable donation since 2007 you are eligible for the temporary first time super credit for donations between $200 to $1000. This credit is eligible for donations starting March 20th 2013. This credit is available until 2017.
Check you super credit at www.cra.qc.ca/fdsc
POOLED REGISTERED PENSION PLAN (PRPP)
A new kind of deferred income plan designed to provide retirement income for employees and self employed individuals who do not have access to a workplace. A PRPP can either be opened with or without the employer’s participation. Investment options in a PRPP are similar to those available to RPP. You must make application to register a plan and work with or administer.
FAMILY CARE GIVER AMOUNT
The amount for this credit has increased to $2040 for dependants with a physical or mental disability. This is in addition to the disability amount and medical expense credit.
The period to claim adoption expenses has been extended for adoptions finalized in 2013 and later years. The period will begin when the original application was made.
EMPLOYEES BETWEEN 65 & 70
If you are an employee between 65 and 70 you will automatically have CPP deducted on your wages. You have the option to stop these deductions by giving a signed and completed copy of Form CPT30, Election to Stop Contributions to Canada Pension Plan. Your employer then will send the original form to CRA. If you are having CPP deducted the deductions should stop the month after you turn 70.
Accupuncture is now a recognized as a acceptable medical treatment in Ontario and therefore these services are eligible for the medical tax credit.